St James's Place, a British wealth manager, said that the sales in the first quarter of the fiscal beat the market expectations. Total sales were reported up by 42% in the first quarter. The company said that the strong sales figures were mainly attributable to the investment business.

The company also said that outlook for the full year business remains strong as the economic conditions are improving and equity markets are going strong.

"Against an improving market backdrop, we've delivered a very strong all round performance that is a credit to the Partnership and our entire community," said David Bellamy, chief executive of St. James's Place.

St James's Place reported the sales of £133.3 million in the first quarter, increasing by 42% while it was reported £93.8 million in the same period last year. Market analysts were expecting sales of £122 million for the period.

The company reported that its unit trust and ISA investments rose by 84% in the first quarter to £295.6 million, while it was posted of£160.7 million in the same quarter last year.

Total new single investments in the first quarter were reported of £1.1 billion, increasing by 57% while it was reported of £711 million in the previous corresponding period.